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Committee passes bill extending debt-settlement protections to small businesses
Summary
The Assembly Banking and Finance Committee voted to pass AB 1166 to apply California's debt-settlement standards to business loans, creating a private right of action and statutory damages for affected small businesses.
The California State Assembly Banking and Finance Committee advanced AB 1166, a bill that would extend existing California debt-settlement protections from consumer loans to certain commercial loans used by small businesses.
Assemblymember Valencia carried the bill in committee; Louis Cadets Peck, executive director of the Responsible Business Lending Coalition, testified in support. Peck described the bill as a targeted reform that does not prohibit debt-settlement services but aligns their incentives with borrowers. “This is a great issue because there is, wide agreement and ready…
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